Property closed in Dec 2020 but not rented til Jan 2021 - Taxes??

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Hello, what are the tax implications if I bought a rental property in Dec 2020 and didn't rent it until Jan 2021? I know this is unofficial and not tax advice, just seeking some thoughts and info. Thanks!

If The property was put in service In December of 2020, if you advertised it. then tax wise you can deduct expenses and depreciation on 2020 tax returns. If you did not list it to rent until January, then it wasn't in service and you cant start claiming it until you do your 2021 taxes next April. I am not a CPA.

Originally posted by @Andrew R. :

Hello, what are the tax implications if I bought a rental property in Dec 2020 and didn't rent it until Jan 2021? I know this is unofficial and not tax advice, just seeking some thoughts and info. Thanks!

If you treat as if the property is placed in service in December 2020x, you get to deduct half-month of the depreciation and any other expenses, if any. 

If you don’t care, start reporting in 2021.  

A rental property is placed into service on the first date that both of the following occur simultaneously: (1) the rental is advertised, or held out as, available for rent, and (2) the rental is in habitable condition and ready for occupancy.

Something to examine with your tax professional.